Fundera

MARCH 26, 2018

And among those fluctuating factors might be a minimum credit score for loan eligibility. But for the vast majority of small business loans , the lender will at least look at your credit score. With that in mind, it’s worth looking at the minimum credit scores required for each loan type—or at least the ranges they’re in.

Credit Scoring 71

Credit Scoring Credit and Collections Accounts Receivable (AR) Small Businesses 71

Your Virtual Credit Manager

MARCH 19, 2024

If all your customers paid promptly — by the time the invoice was due — you would not need to do any collection work. Collections is a reactive process. The amount of collection activity with which you are tasked is directly proportional to your customers’ payment habits.

Bulk Transfer 100

Bulk Transfer Credit and Collections Bankruptcy Third Party Collections 100

Fundera

SEPTEMBER 20, 2017

We’re thinking of a number between 300 and 850… and it’s your credit score. Unless you have an absolutely perfect credit score—850—we’re willing to bet that you’d like to tack on a few points to that three-digit number. Building credit fast is no easy task. Why You Need to be Monitoring Your Credit.

Credit Scoring 98

Credit Scoring Credit Reporting Agencies Credit and Collections Bankruptcy 98

CreditStrong for Business

JULY 24, 2024

There may come a time when you need to choose between business loans and your credit scores are low. By preparing in advance, you can quickly apply for the loan that best suits your working capital needs and your bad credit profile. A merchant cash advance may be available to even those with a very low credit score.

Credit Scoring 52

Credit Scoring Credit and Collections Small Businesses Deductions 52

Biz2X

MAY 1, 2025

Reading Time: 6 minutes The loan origination system has evolved into a critical strategy tool for banks and credit unions to gain a competitive edge in todays digital-first landscape. These systems are often siloed and collectively cost more than a unified loan origination process in the long run. market share.

Credit Unions 52

Credit Unions Credit Scoring Credit and Collections Small Businesses 52

CreditStrong for Business

AUGUST 2, 2024

In many cases, a consumer who has seemingly been managing their finances responsibly will notice an unexpected credit score drop. This negative credit score fluctuation is particularly troubling for those concerned with maintaining good credit for an upcoming home or auto loan. 8 Reasons Why a Credit Score Drops 1.

Credit Scoring 52

Credit Scoring Bankruptcy Credit and Collections Third Party Collections 52

Due

JANUARY 3, 2023

You might get asked similar questions by lenders when you apply for loans and credit cards. To find out, they might check your credit report. What are credit reports, why are they important and what is in them? What is a Credit Report and Why is it Important? Credit Reports vs. Credit Scores.

Credit Scoring 119

Credit Scoring Bankruptcy Credit and Collections Credit Reporting Agencies 119

CreditStrong for Business

NOVEMBER 7, 2024

Prospective homebuyers seeking a mortgage loan may use several strategies for improving low credit scores. Examples include reviewing credit bureau reports for possible credit account errors, avoiding late payments, paying down debt, and getting a credit builder loan.

Credit Scoring 40

Credit Scoring Credit and Collections Credit Reporting Agencies Credit Card Companies 40

tillful

JANUARY 11, 2023

A business credit score is similar to your personal credit score in that it serves as a key indicator of your business’s financial health and reliability as a borrower to repay. Why is your business credit score a deciding factor for so many different financial transactions?

Credit Scoring 52

Credit Scoring Credit Reporting Agencies Credit and Collections Small Businesses 52

Know-It Global

JUNE 20, 2023

Credit control is a vital aspect of financial management for businesses. It involves managing credit sales and making informed credit decisions, ensuring timely payment from customers, and minimising bad debt. Setting Up Credit Control Processes 1.1 This is where business credit checking comes into play.

Bad Debt 19

Bad Debt Credit and Collections Debt Collections Credit Risk 19

aptic

DECEMBER 5, 2024

Automated algorithms then assess creditworthiness based on data such as credit reports, historical data, advanced risk assessments, etc. the customer chooses to accept the loan offer, all documents are created and signed digitally. the customer chooses to accept the loan offer, all documents are created and signed digitally.

Credit and Collections 52

Credit and Collections Credit Scoring Credit Risk 52

Sky Business Credit

OCTOBER 12, 2023

Now, instead of waiting for your customers to pay based on 30-, 60-, or even 90-day terms, you get cash immediately, and the factor collects the payment later. The business issues its invoices to the customer and copies Sky Business Credit (“Sky”). As Sky collects, we return the remaining 10-20% to you, minus our small fee.

Credit and Collections 105

Credit and Collections Invoice Amount Credit Scoring 105

Due

SEPTEMBER 23, 2023

million people claimed a “non-employer” small business — considered to be those without employees nationwide, had filed Schedule C tax documents during the most recent tax year. Build Good Credit Unfortunately, applying for a mortgage will require you to have an existing credit score.

Credit Scoring 105

Credit Scoring Credit and Collections Small Businesses 105

Fundera

AUGUST 1, 2017

As a savvy consumer, you’ve got a handle on your personal finances—meaning you know where your personal credit score stands month-to-month. But as a new business owner, you might not know anything about your startup’s business credit—why it’s important, what yours looks like, and how to establish and build it.

Credit Reporting Agencies 81

Credit Reporting Agencies Credit Scoring Credit and Collections Small Businesses 81

Your Virtual Credit Manager

JANUARY 9, 2024

Then last week we looked at credit hold best practices. From a credit management perspective, these are largely reactive topics. In fact, once you decide to sell a customer on open credit, most of the accounts receivable (AR) management tasks that follow have a reactive component. There is nothing wrong with that.

Credit and Collections 130

Credit and Collections AR Aging Accounts Receivable (AR) Deductions 130

Fundera

JULY 16, 2018

A charge-off is when you’re so late on your credit card or loan payments that the lender expects you’ll never pay, so they remove the anticipated income from their ledger and document the loss as bad debt. That demerit is considered a final status indicator on your credit report that the account is no longer active.

Credit Scoring 72

Credit Scoring Bad Debt Credit and Collections Third Party Collections 72

Fundera

JUNE 14, 2016

As a small business owner, chances are you’ve needed to borrow money at one point or another—whether that’s through a term loan , a line of credit , or a specialized product like equipment financing. The better you can describe your business and your need for a loan, the stronger your business credit application will be. Tell a story.

Credit Application 73

Credit Application Credit Scoring Credit and Collections Small Businesses 73

Your Virtual Credit Manager

SEPTEMBER 12, 2023

Processing Delays There are several AR activities that often take longer than they should and therefore cause delays: processing credit applications, approving orders, generating invoices, and posting payments. Credit evaluations, however, often take time. In small companies, this may occur due to a lack of credit analysis skills.

Credit and Collections 130

Credit and Collections Bad Debt Accounts Receivable (AR) Deductions 130

Fundera

AUGUST 15, 2018

How to Establish Business Credit. Get a business credit card or business line of credit. Borrow from lenders who report to business credit bureaus. You know where your personal credit score stands month-to-month and how personal credit impacts your ability to qualify for financial products.

Credit Reporting Agencies 76

Credit Reporting Agencies Credit Scoring Credit and Collections Small Businesses 76

Fundera

NOVEMBER 4, 2015

How will my credit impact my small business lending options? When you go to apply for a business loan, you may be surprised to learn that your personal credit score is one of the most important factors in determining your loan eligibility! If your credit score is 700 or above—congratulations! Yes, right now!

Small Businesses 97

Small Businesses Credit Scoring Credit and Collections Default 97

Fundera

JUNE 15, 2017

For years, you’ve heard over and over again about the importance of maintaining a strong personal credit score. In addition to reviewing your personal credit report (which they absolutely will!), Understand How Business Credit Reporting Works. However, there are some key differences.

Credit Reporting Agencies 87

Credit Reporting Agencies Credit Scoring Credit and Collections Medical Billing 87

CreditStrong for Business

OCTOBER 25, 2024

In addition, the underwriting for these loans focuses on the borrower’s cash flows instead of their personal or business credit scores , and the lender often agrees to take a portion of your expected cash flow to repay the debt. To collect their payment, they’ll automatically take 3% of your sales until you’ve paid off the balance.

Credit Scoring 97

Credit Scoring Credit and Collections Small Businesses Default 97

Lendio

DECEMBER 13, 2023

Financing type How it works Time to funds* (after approval) Line of credit Draw as much or as little money as you need up to a set credit limit. credit score Time to funds (after approval) Funding Circle 2 years 660 As fast as 3 days Bankers Healthcare Group (BHG) 2 years 700 As fast as 3 days Compare business term loan lenders.

Credit Scoring 98

Credit Scoring Credit and Collections Small Businesses 98

Fundera

NOVEMBER 5, 2015

There may be times when a strict bank will ask you for more obscure documentation, but in our experience, having these forms prepared and questions answered will get you ready for nearly any loan application. These are the documents you can confidently assume a lender will ask for. Personal Credit Score. The Basics.

Credit Scoring 99

Credit Scoring Credit and Collections Small Businesses Invoice Collections 99

Fundera

OCTOBER 20, 2019

Get a handle on your personal and business credit scores. We’ll break down need-to-know accounting terms, how to handle your credit scores, how to apply for a business loan, and more—so that you’ll have all the information you need to manage your small business finances. Get a Business Credit Card.

Small Businesses 101

Small Businesses Credit Scoring Credit and Collections Default 101

CreditStrong for Business

SEPTEMBER 4, 2024

Fixing your credit might seem complicated, but it’s actually a simple process. Not to mention, working with a credit repair company can be expensive. Don’t drop hundreds of dollars on credit repair if you don’t have to. Recent credit score statistics show that 54% of people never check their credit.

Credit Scoring 52

Credit Scoring Credit and Collections Credit Reporting Agencies Credit Application 52

Fundera

FEBRUARY 6, 2018

Sometimes referred to as A/P or AP for short, these liabilities can be short or long term depending upon the type of credit provided to the business by the lender. One of the important documents required by lenders and investors that shows a summary of the actual collection of revenue and payment of expenses for your business.

Small Businesses 105

Small Businesses Credit Scoring Credit and Collections Bankruptcy 105

Emagia

MARCH 3, 2025

The Accounts Receivable (AR) Process Cycle is a fundamental component of a company’s financial operations, encompassing the series of actions taken to manage and collect payments owed by customers for goods or services provided on credit. A structured dispute resolution process minimizes delays in payment collection.

DSO 40

DSO Days Sales Outstanding AR Reporting Credit and Collections 40

Fundera

MAY 12, 2016

The first step to getting a line of credit through The Credit Junction begins with an online application. In a nutshell, underwriting gives lenders like The Credit Junction time to take a deeper look at the risk they are about to take on by funding your business. Step 1: Data Mining. STEP 2: Talk to An Advisor.

Credit Scoring 69

Credit Scoring Credit and Collections Default 69

CreditStrong for Business

AUGUST 27, 2024

If a consumer has an unpaid debt on an existing credit account, the original lender will eventually close the account and charge off the bad debt. Generally, these debts are reported to the credit bureaus and remain as a negative entry on your credit history for seven years. How Long Does It Stay on My Credit Report For?

Collector 52

Collector Credit Reporting Agencies Credit Scoring Third Party Collections 52

Due

AUGUST 25, 2023

A lender will require documentation of your income and assets, as well as a credit check. A refinance can be an effective way to consolidate credit cards or personal loans if you have multiple high-interest debts. You may be able to qualify for a loan with more favorable conditions if your credit score or income improves.

Credit Scoring 96

Credit Scoring Credit and Collections Credit Unions Credit Application 96

Fundera

MARCH 6, 2019

Credit Limit. Sometimes referred to as A/P or AP for short, accounts payable can be short or long term depending upon the type of credit provided to the business by the lender. Turning to bankruptcy should be given careful thought because it will have a negative effect on the business credit score. Business Credit Report.

Credit Scoring 105

Credit Scoring Credit and Collections Bankruptcy Small Businesses 105

Lendio

DECEMBER 12, 2022

Alternative business loans are business loans, lines of credit or other forms of business financing offered by lenders other than traditional banks. By comparison, some business loan applications can take hours or more to complete, given their sometimes heavy documentation requirements. What Are Alternative Business Loans?

Small Businesses 98

Small Businesses Credit Scoring Credit and Collections Credit Reporting Agencies 98

Fundera

JUNE 21, 2017

Are you a part of the 35% of Americans who have never checked their credit report? If you are, you might want to request your yearly free personal credit report. How do you file a credit report dispute? How to File a Credit Report Dispute in 5 Steps. Gather documentation to support your claim.

Credit and Collections 75

Credit and Collections Credit Scoring Bankruptcy Credit Application 75

CreditStrong for Business

SEPTEMBER 12, 2024

Public records usually appear on your credit report as the result of a financial disaster. Evictions, foreclosures, bankruptcies, and judgments are terrible news for your credit. Each one of these affects your credit reports and scores differently. What Do Public Records Mean on a Credit Report?

Chapter 7 52

Chapter 7 Credit Reporting Agencies Bankruptcy Credit Scoring 52

CreditStrong for Business

AUGUST 30, 2024

Credit bureaus no longer can include eviction record entries in consumer credit reports following changes implemented by the Consumer Financial Protection Bureau, an agency associated with the Fair Credit Reporting Act. However, any remaining rent owed is generally considered unpaid debt that a collection agency will pursue.

Credit Reporting Agencies 52

Credit Reporting Agencies Credit and Collections Bankruptcy Credit Scoring 52

CreditStrong for Business

SEPTEMBER 4, 2024

A foreclosure is a negative mark that remains on credit bureau reports for up to seven years. During the seven-year period, lenders that conduct credit inquiries will view the foreclosure as a negative item and may hesitate to approve you for a loan, credit card, or other financings. How Does a Foreclosure Affect Your Credit?

Credit Scoring 52

Credit Scoring Credit and Collections Bankruptcy Credit Reporting Agencies 52